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This will help you to guard the property youre renting out. For extra peace of mind, consider requesting a security deposit as well.
As you can see there are a ton of ways that you can make passive income. With luck, this list has helped you narrow down which source of income is best for you.
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So if youre tired of this traditional way of making money, implement some of the passive income strategies above so you can begin working and making more money while you sleep today.
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Then, thinking it was my only option, I tried to work out how I would cut down our household expenses if we had a baby. After all, I wanted to begin saving for his or her college.
Don't forget saving for retirement! My spouse and I wanted to ensure we could tell all the other military families we had a good TSP and Roth IRA to our prospective old-selves. We didn't want to appear financially uneducated.
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But something did not feel right. My thought process seemed counterintuitive and it had been forcing some difficult conversations between my wife and I.
How were we supposed to maintain up this with each new baby and/or expense we had We were hoping to have 3 children someday. Because of this, our many discussions about finances started making the future seem more and more stressful. Anxiety started setting in.
I saw the book, Rich Dad Poor Dad, in my Audible"Recommended for you" and I had a 13-hour driveway from Pensacola, FL to New River, NC after graduating Naval Flight School. During the next several hours in my Automobile University, my entire world was turned upside down.
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Gone were the days where I'd save money for the sake of compound interest and wait patiently until I turned 59.5 or even 65 to spend any of it.
I wanted my life to become better NOW! Or at least within the next couple of years. I also wanted my life to continue getting better every month and each year.
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Rich Dad Poor Dad tells a story about a man with just two fathers: his own and his best friends. His father has a 6-figure paycheck, a college diploma, lives in a nice neighborhood, and has a 401k, but struggles month-to-month financially. The other daddy didnt have a college diploma, lived in a lesser neighborhood, and did not have a 401k retirement plan.
The kicker was, the father with the 6-figure paycheck was the"poor dad" in the book. .
The wealthy dad lived a comparatively stress-free life in which he made methods to make use of him, while the poor dad constantly found himself pouring over his receipts and household spending clocks.
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The wealthy dad helped me realize, all I needed to do would be get much more paychecks. Paychecks that I didn't work for on a day-to-day basis.
Most of us develop focusing on how much we earn per hour. Constantly trading our valuable time for money and striving valiantly to increase our hourly rate.
In the army, it means doing everything we can to reach the next rank to get a cover bulge or waiting one more year to have our bi-monthly paycheck to increase by a sad 2.5%.
We maintain trading our time for money even though time is the only thing we can't earn more of... we can always earn more money.
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Here's the question I felt that the book asking me: what should you, Markian, spent your free time creating something that would continuously send you checks on a monthly basis.